ITC Q4 net profit rises 9.8% to Rs2,933 crore

ITC registered standalone net income of Rs 2,932.71 crore which surged by 9.86% compared to Rs 2,669.47 crore in the corresponding period of the previous year. Revenue from operations dropped by 28 per cent to a Rs.10,813 crore.

Gross sales value at Rs 17,933.48 crore during the quarter recorded a muted growth of 3.6 per cent because of a decline in agri business revenue, excluding which the growth was 5.7 per cent driven by fast moving consumer goods and hotels.

Revenue from the sale of cigarettes dropped by almost 45 per cent to Rs 4,936 crore (Rs.8,955 crore).

For the fiscal ended March 31, 2018, net profit was Rs 11,485.10 crore against Rs 10,471.26 crore a year ago.

Revenue from FMCG-Others segment was at Rs 3,051.82 crore during January-March quarter.

ITC's hotel business was at Rs 408 crore during the quarter.

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Net profit rose to Rs 2,933 crore in the four months ended March 31, 2018, from Rs 2,669 crore in the year-ago period.

The Board has re-designated Sanjiv Puri, Chief Executive Officer & Wholetime Director, as the Managing Director of the Company with effect from May 16. Reacting to the financial results, ITC shares went up 2 per cent, hitting a high of Rs 288.60.

"Shortage of leaf tobacco in Andhra Pradesh due to lower crop output on account of drought in 2016 and adverse crop quality, relative strength of the Rupee vis-à-vis currencies of competing origins and limited trading opportunities in other agri-commodities weighed on the performance of the Agri Business", said ITC.

In it's meeting held on Wednesday, the board of directors recommended dividend of Rs 5.15 per Ordinary Share of Rs 1/- each for the financial year ended 31st March, 2018, subject to declaration of the same by the Members at the 107th Annual General Meeting of the Company convened for Friday, 27th July, 2018; the dividend, if declared, will be paid on Tuesday, 31st July, 2018 to those Members entitled thereto.

The paperboards, paper and packaging segment was impacted by a slowdown in the legal cigarette industry, cheap imports and unutilised capacity of paperboards, ITC said.

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